The Bank of Japan is not easing up; instead, they say they will continue to raise interest rates. The market just started to recover, and now it’s hit with another blow.

A few days ago, everyone was hoping risk assets could breathe a little easier, but the risk of carry trades has reappeared right at the door. $ETH also fluctuated a bit; the 1700 level looks stable, but underneath, everything is shaky.

When I saw $ETH bounce from the bottom, I was a bit suspicious. The BOJ’s statement is like a sword hanging overhead; whenever market sentiment heats up, they push it down again.

In a high-interest-rate environment, carry trade reversals are no joke. I still remember clearly the last liquidation chain.

Now, I can only watch the flow of funds and key liquidation zones. I dare not chase too much or easily bottom fish. The volatility of the yen will directly drain liquidity; for $ETH to truly stabilize, it must first digest these expectations.

Holding this position is a test of skill; if it can’t hold, it’ll be a mess.

Do you think the BOJ is just bluffing this time or really stepping on the gas?

The BOJ’s statement to continue raising interest rates, with the risk of carry trade reversals reappearing—once this news comes out, the most affected will be those betting on risk assets. If carry funds flow back in large numbers, liquidity in the crypto space will be directly drained, and the small gains in $ETH won’t be able to withstand it.

Where the money comes from and where it goes—right now, we need to keep a close eye on the yen and dollar’s #我的Gate交易时刻 moves.